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finop

i bank with a local credit union which has two branches total. i love my CU. i used to bank with a big regional bank which was formerly Sumitomo of Japan. glad i dont live in japan anymore, things cost WAY TOO MUCH there and like you say, the local elites dont give two shits about their people. now, isn't that the same in every country around the world?

the farther abstracted ppl are from local politics, the less they are able or willing to take a close look. this is only possible with high-energy industrial systems using cheap energy -- or slavery. (ancient egypt, british empire, american south, etc)

i'm considering taking my $1 out of WaMu since they'll tank or get bought soon, probably.

thanks for your posts.

CT

blues: I've just been catching up on the last few days' articles, and saw your comment about linguistics. Very apropos, since I consider Elaine (and myself) someone who thinks in terms of systems rather than static things. That's how I interpret a lot of Elaine's critique of our economy and mainstream economists. They're not systems thinkers, but instead, think in terms of only "the speaker" or "the listener", but never both and the dynamics of their interaction, the feedback(s) induced, etc. (And there's also the noise in the channel, but that's another thing.... I digress)

Anyway, thought I would point you to a handful of scholars you might appreciate, given your well-founded gripes with the structuralists and their likes: Habermas, Eco, and Foucault. I've found all three very hard to read, but well worth it. You might prefer some secondary sources rather than the originals, especially since these are all translated from other tongues, and are filled with the jargon of their professions.

Elaine Meinel Supkis

My major in college eons ago was linguistics. Magic is language and language is dreams. And mathematics are much more modern and tap into a different part of the brain. This is why I love numbers and charts but also feel that describing things with the correct ANALOGIES is hyper-important.

OC

Elaine,

Check out this article:

Commercial Banks Heading for Huge Derivatives Losses- Credit Crisis Turning into Credit Armageddon

http://www.marketoracle.co.uk/Article4419.html

Seems like the derivatives are about to go full blown meltdown...

If true, six months later, all hell is going to break loose!!

Teddy

This baby should be thrown out with the bathwater.

calvino

A friend who works in commercial real estate writes that the CMBS world has found its wheels and Bloomberg is even featuring a REIT tout today. This is how I explained the burst of REIT enthusiasm on his blog, and I hope you will not be upset with me for reposting. It is more apropos here actually.

"Everyone is having a good time since they turned in shit stained bathroom tissue to feed the Bearded Clam and he's very content to munch on it. However the coprophagistic clam is about to get a heaping of shit even he can't swallow from the Chicago bond traders. The yield has flattened out, however we know that the LIBOR has been a lie for the past six weeks - a lie that has been a great source of joy to the bearded shiteater. Lies die.

calvino

Here it is: you can keep your shit to yourself, clam man, say the Peruvians. ..from Bloomberg today.

The sol has declined 3 percent since April 10 after the central bank raised the reserve requirement on non-residents' bank accounts to 120 percent from 40 percent as part of an effort to slow the currency's rally. Foreigners' money will be held in the central bank and won't earn interest.

When you wrote about the Krona crisis, I suggested that refusing to convert clam dollars would end interference in Iceland's economy. Although Peru had the opposite problem from Iceland, the solution is the same. Stop the toilet paper currency convertability.

blues

Okay. About the linguistics. Aside from the metaphysical aspects. Human speech is not an axiomatic process. It is not at all like mathematics or physics. In axiomatic systems, everything locks together into a totally coherent process. This has engendered a falicy that has persisted for 2,500 years. Human speech is a DIALOGICAL system, much like an advanced biological system. It is a system comprised of subsystems that are in fact somewhat incompatible, and which thus require the services of a computational apparatus to mediate mutual interference.

The biology of your physical being, for example: Your brain requires glucose constantly; it demands 25% of the ATP energy of your cells. But that glucose is pure poison to most every other organ in your body. So the size of your brain is not so important as the size of your liver. Humans have huge livers to keep their blood free of neurologically disruptive chemicals, and to balance the insulin that keeps the brain running without glucose poisoning every other organ. This is not an axiomatic system that runs automatically. This dialogical system is fundamentally unstable, and requires the mediation of many mutually interfering subsystems by a DNA/protein computer that must run constantly to maintain a tenuous dialog.

The brain is another computational system who's main function is the mediation of mutually interfering subsystems. One of them is language. So, language is not amenable to axiomatic proofs and corollaries. It can only be understood in terms of typology and "comprehensive closure." So we can observe its organs and their interactions, but we will never arrive at proofs and corollaries. This is the foundation of my description of the language process.

"Economics" is not one of my fields of study. But like language, it is diological - NOT axiomatic. The computational systems that we have evolved thus far for regulation of the economic interferences are extremely crude! The human brain is only beginning to adapt to the inherent conflicts among economic subsystems. This is the challenge that nature has offered us at this juncture. Time will tell if we learn to master this balancing act.

Elaine Supkis

Language is a dream world. It is the mirror we use to see the world. Like all mirrors, it is backwards and upside down. We see all things upside down and our brain then makes it 'upright' [except for bats, hahaha].

Since ALL creatures see the world in this upside down way and ALL creatures correct it mentally, this lies at the root of being not quite able to see reality directly. When we see reality through the prism of language, this worsens our ability to see reality. All multi-language people know that if we think in another language [versus translating in our minds] we view the world differently than if we see it in our 'native' language. And learning another language's cultural matrix and fitting things inside of this, emotionally, is very difficult and when one succeeds, this changes the dream world as well as the waking world.

One is 'displaced' within one's own mind. The curious condition is very stimulating. I know, when I went to school overseas, the 'revelatory' moment always came as a shock, when I would begin to think rather than translate in a strange language.

The ability to displace oneself mentally is a very powerful tool and frankly, this is how I operate: I view what I read as foreign and thus, can analyze it just as I had to learn languages this way.

John East

"To do this, all they have to do is live within our means and cease trying to get more debts on top of this mountain of debts."

Elaine - I love a girl with a sense of humour.

Here in the UK, and I daresay in the US as well, the level of denial and the smug acceptance that all will turn out just fine is mind boggling at the moment.

And the anger that will result once the penny drops has still to materialise.

blues

A little more about the linguistics. Need to sharpen up my terminology! It's better to speak in terms of "algorithmic vs. dialogical" systems, rather than "axiomatic vs. dialogical" systems. So much for that.

Elaine's experience of thinking in multiple languages is fascinating. Languages tend differ regarding the structure of their "licensing" relationships. And they differ even much more in regard to how their structures reference entities in perceived environments. So thinking in multiple languages would amount to thinking in differing frames of reference.

There are other methods for the exploration of new frames of reference. The way of the shamen is one. Most animals do not think in terms of language and all. Therefore, one can start out by becoming an animal. However, animal sentience is rather limited. The point becomes to reach a third form of sentience, maybe it could be called "yeti" sentience. Which is neither animal nor linguistic. Perhaps this yeti sentience exists within a narrow zone between those two others. To inhabit that zone, one must face the illusory nature of both the language world and the animal world simultaneously.

We are born into the world of language. And this language comes to rule over our modes of sentience. All of life itself becomes one vast "song of the self!" Even guilt, remorse, "self-loathing," everything in our minds is merely a stanza in the neverending Song of the Self! When thought dependence and animal sentience are abolished, "yeti" sentience may emerge, and we may get a chance to see the real world, at last!

But I am also involved with this knack for mathematical and linguistic theory, and it appears to be my fate to ply it as best I can. So there it is.

CT

Blues: "algorithmic versus dialogical" .... that's great! Along with your description of the precarious balance struck by the living body, you've given me inspiration and a deeper understanding within my own profession.

Elaine: The ability to internalize a language as you describe makes a powerful revelation! Thanks for sharing the story. I have nothing to add (as so often, your writing leave me speechless), except to say thanks, and "right on!"

Elaine Meinel Supkis

Blues always has good things to write. And he tells me, typing is hard work so I appreciate his long postings.

I am a speed typist. I am so happy computers can keep up with the typing speed. This is why my articles are often long and weary: I type very fast.

blues

Thanks so much, Elaine! Actually, I am giving voice dictation another shot. The main trick is, when the correction operations veer off into tricky territory, I just say "pound sign," so the program types "#", and I simply go back and search for these pound signs. This would corrupt the "voice files," except that I don't save the resulting changes when closing the program. I sometimes think my voice-dictated efforts are less crisp and concise than my hand-typed. Not sure though.

My biggest political on-line project was my promotion of approval-with-runoffs voting methods. I was deeply disturbed that people failed to grasp the nature of what it could accomplish. I believe I should spend time publishing my linguistics material, as I may not have a lot of time to do so, especially if society deteriorates. The national deathwatch routine certainly takes its toll!

All our discussions and arguments have been interesting in stimulating. The world is so very fortunate that you are good at typing!

(I did this post with the voice dictation.)

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